Harbor Associates, Bascom will acquire $500M in office properties

The partnership will focus on repositioning office properties, starting with the Valley

4130 Cahuenga Boulevard in Toluca Lake and Paul Paul Miszkowicz
4130 Cahuenga Boulevard in Toluca Lake and Paul Paul Miszkowicz

Harbor Associates and the Bascom Group will deploy $500 million into office property acquisitions in the Western U.S., starting with one in the San Fernando Valley.

Paul Miszkowicz, principal at Long Beach-based Harbor Associates, said the joint venture will acquire the office properties over the next two years in Southern California, Denver, and Salt Lake City.

The partnership bought the 75,000-square-foot office building at 4130 Cahuenga Boulevard in Toluca Lake for $21.7 million, or around $297 per square foot, according to CoStar. The joint venture will renovate the property. The seller was Sherman Oaks-based M West Holdings, which purchased the site in 2011 for $15.2 million from a family trust.

Their second buy was in Del Mar, a city north of San Diego, Harbor and Bascom paid $15.7 million for a 39,000-square-foot office building. That deal comes out to around $438 per square foot.

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The plan is to reposition both into creative office buildings.

Harbor Associates specializes in repositioning assets and the joint venture will likely focus on value-add properties, which typically have higher vacancy rates and need significant renovations.

The two firms have invested in 18 properties over the last three years, according to CoStar.

In February they partnered with Goldman Sachs Asset Management to buy the Commons at Valencia Gateway suburban office site for $33.1 million. That was one of the largest office investment sales in L.A. County that month. [CoStar]Dennis Lynch

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